PETALING JAYA: Berjaya Corp Bhd (BCorp) has disposed of shares in , Bhd to its major shareholder Tan Sri Vincent Tan Chee Yioun for a total cash consideration of RM18.76mil.
In a filing with Bursa Malaysia, the group said its wholly-owned subsidiaries, Berjaya IPS Credits Sdn Bhd and Berjaya IPS Equity Sdn Bhd, completed the disposals via direct business transactions on May 5.
It said the disposals involved 50 million shares in Berjaya Property, representing a 1.02% stake, for RM13.5mil or 27 sen per share, and 3.958 million shares in Sports Toto, representing a 0.3% stake, for RM5.26mil or RM1.33 per share.
Following the disposals, the group’s stake in Berjaya Property stands at about 75.75%, while its shareholding in Sports Toto remains at about 52.64%.
“The cash proceeds from the disposals will be utilised for working capital of the BCorp Group,” it said.
It added that the disposals enabled it to realise part of its investment in Berjaya Property and Sports Toto.
Tan is a major shareholder of the group, Berjaya Property and Sports Toto.
BCorp added that chief executive officer and executive director, Nerine Tan Sheik Ping, as well as executive director Chryseis Tan Sheik Ling, abstained from board deliberations and voting on the disposals due to their interests in the transaction.